Investment Rating - The report recommends subscription for the company, Guo'en Technology, with an IPO price range of HKD 34 to HKD 42 per share, suggesting a valuation of approximately 15 times the net profit for 2024 [3]. Core Insights - Guo'en Technology is a Chinese supplier focused on chemical new materials and gelatin, serving both the chemical and health industries. It ranks as the second-largest organic polymer modified materials and composite materials company in China by sales revenue, with a market share of 2.5% [2]. - The global polymer materials market is projected to grow from RMB 29.89 trillion in 2020 to RMB 45.61 trillion by 2024, with a compound annual growth rate (CAGR) of 11.1%. The Chinese polymer materials market is expected to expand from RMB 11.08 trillion in 2020 to RMB 16.28 trillion by 2024, with a CAGR of 10.1% [2]. - The company's revenue for 2022, 2023, and 2024 is forecasted to be RMB 13.41 billion, RMB 17.44 billion, and RMB 19.19 billion, respectively, reflecting a CAGR of 19.6%. Net profits for the same years are projected at RMB 663.11 million, RMB 465.89 million, and RMB 676.38 million [3]. Summary by Relevant Sections IPO Details - The IPO is set to raise HKD 10.577 billion, with a total offering of 30 million shares, of which 27 million shares are allocated for international placement and 3 million shares for public offering [1]. Market Position - Guo'en Technology is the second-largest producer of bone gelatin and the second-largest domestic brand producer of hollow capsules in China, indicating a strong market presence [2]. Financial Performance - The company is currently in a stable growth phase, with a significant safety margin in its valuation based on the IPO pricing compared to its A-share closing price [3].
IPO申购指南：国恩科技